Lumino Industries IPO: Power EPC Firm's Public Issue Set To Open This Week- Should You Apply

The initial public offering (IPO) of Engineering Procurement and Construction (EPC) company Lumino Industries is set to open for subscription on August 27. Lumino Industries IPO is a combination of a fresh issue and an offer for sale. The bidding window is scheduled to close on August 31.

Here is a detailed look at the key details of the public issue and the company's business that investors should know, according to the Red Herring Prospectus (RHP):

Lumino Industries IPO: Offer Size And Selling Shareholders

Lumino Industries’ initial public offering comprises a fresh issue of 61 million shares aggregating up to Rs 500 crore, along with an offer for sale of 24.4 million shares amounting to Rs 200 crore. Cumulatively, the company is set to raise Rs 700.00 crore from its IPO. The promoters of the company include Purushottam Dass Goel, Devendra Goel, and Jay Goel. Prior to the issue, the promoters held 100 per cent stake in the company and post the issue, their shareholding will reduce to 71.97 per cent.

Lumino Industries IPO: Price Band And Lot Size

Lumino Industries has set the price band for its public issue at Rs 78 to Rs 82 per share. Retail investors can apply by placing bids for a minimum of 182 shares, which amounts to a minimum investment of Rs 14,924.

Small non-institutional investors (sHNI) can bid for the issue by applying for a minimum of 14 lots or 2,548 shares, aggregating to Rs 2,08,936. Big non-institutional investors (bHNI) must bid for a minimum of 68 lots or 12,376 shares, amounting to Rs 10,14,832.

Lumino Industries IPO: Reservation

Lumino Industries has reserved up to 50 per cent of the net offer for Qualified Institutional Buyers (QIBs), up to 15 per cent for Non-Institutional Investors (NIIs), and nearly 35 per cent for Retail Individual Investors (RIIs).

Lumino Industries IPO: GMP

The current trends in the Grey Market Premium (GMP) for Lumino Industries shares indicate a premium of Rs 46 above the upper end of the price band. Since the upper end of the price band is Rs 82, the estimated listing price for the stock is Rs 128, indicating an expected listing gain of 56.10 per cent per share.

Lumino Industries IPO: Key Financials

In the fiscal year ended March 31, 2026, Lumino Industries' total income stood at Rs 2,089.31 crore, increasing by 7.33 per cent from Rs 1,946.68 crore in the preceding fiscal. The company posted a profit after tax of Rs 160.00 crore in the same period, indicating an increase of 28.42 per cent compared to the profit after tax of Rs 124.59 crore in the preceding fiscal.

Lumino Industries: Business Model

Lumino Industries has two business segments, manufacturing and EPC. The manufacturing segment consists of three business lines: aluminium conductors, power cables, and electrical wires. The EPC segment consists of six business lines, namely power transmission and distribution, EHV substation, re-conductoring with HTLS conductors, railway electrification, solar power projects, and water management projects. The manufacturing segment supplies products for captive consumption in the EPC projects executed by the company.

Lumino Industries: Competitors

The company faces competition in the domestic market as well as in international markets. Listed peers in the domestic market for the manufacturing segment include Apar Industries, JSK Industries Private, KEI Industries, Sterlite Electric, and Universal Cables. EPC segment peers include Bajel Projects, KEC International, Kalpataru Projects International, and Techno Electric & Engineering Company.

Lumino Industries IPO: Should You Apply?

Investors should assess the risks and strengths related to the company's business model before applying in the bidding window once it opens:

Lumino Industries IPO: Key Risks

• The company’s revenues are dependent on orders received from state-owned electricity boards and public sector power utilities.

• The company derives a significant portion of its revenue from its top 10 customers, which comprised 46.52 per cent of its revenue from operations in Fiscal 2026.

• The sale of cables and conductors manufactured by the company contributes a significant portion to the revenue from operations, comprising more than 60 per cent for Fiscals 2026, 2025, and 2024.

Lumino Industries IPO: Key Strengths

• The company operates within the power EPC sector and has in-house manufacturing capabilities.

• The firm claims to have partnerships with global companies for advanced technology.

• Lumino Industries claims to have an order book  with orders coming from various regions in India.

Lumino Industries IPO: Objective

The company intends to use the net proceeds from the fresh issue for prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the company, aggregating to Rs 337.00 crore. Funds aggregating to Rs 15.01 crore will be used for capital expenditure for the purchase of equipment and machinery, civil works, and interior development of an existing manufacturing facility. The remaining funds will be used for general corporate purposes.